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Researching the impact of venture investment on the innovative development of the Russian economy

Vol. 18, Iss. 11, NOVEMBER 2019

Received: 18 June 2019

Received in revised form: 2 October 2019

Accepted: 16 October 2019

Available online: 29 November 2019

Subject Heading: INVESTING

JEL Classification: O03

Pages: 2643–2657

https://doi.org/10.24891/fc.25.11.2643

Trubinova K.A. Perm National Research Polytechnic University (PNRPU), Perm, Russian Federation
kristinatrubinova@yandex.ru

ORCID id: not available

Postnikov V.P. Perm National Research Polytechnic University (PNRPU), Perm, Russian Federation
v.p.o.s.t.v@mail.ru

https://orcid.org/0000-0002-5949-0214

Gulyaeva M.M. Perm National Research Polytechnic University (PNRPU), Perm, Russian Federation
gulyaeva_2017@inbox.ru

ORCID id: not available

Subject We investigate the venture investment as a key factor of innovative development of the economy.
Objectives The aim is to study the impact of venture investment on the innovative development of the Russian economy.
Methods We employ the systems and situational approach, logical and retrospective analysis, synthesis, and the tabular analysis method. In the course of justifying the theoretical stances, conclusions and recommendations, we applied methods of grouping, economic and statistical analysis, and structural analysis. In addition, the specifics of the study required specialized research methods, such as factor and correlation analysis.
Results We reviewed the works by foreign and domestic authors that assess the influence of venture investment on innovative development of economy, created the correlation matrix of dependence of indicators of innovative development and key indicators of the Russian venture market, performed the correlation analysis of interrelation of venture investments by stage of company development and by sector of economy and volume of innovative goods in Russia (including the extractive and manufacturing sector).
Conclusions There is a strong interdependence between indicators of venture investment and innovative development. The innovation performance depends on the total volume of venture transactions, total capitalization and number of operating venture funds. The increase in the volume of innovative goods in the extractive sector is directly related to the growth of venture investments in the sector of information technologies and bio technologies, and in the manufacturing sector – to the growth of venture investments in the sector of information technologies and industrial technologies.

Keywords: venture investment, innovative development, manufacturing, extractive sector

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